Change seen as needed to salvage British bank’s investment in power company

Greg Karpinski is stepping down as chief executive of Maxpower Group Pte. Ltd., a power company in Indonesia controlled by Standard Chartered PLC that is at the heart of a U.S. investigation into alleged bribery.

Mr. Karpinski, who left Standard Chartered’s Singapore private-equity unit to become Maxpower’s CEO last year, will be replaced by Syamsurizal Munaf, a longtime executive in Indonesia’s oil-and-gas industry, a person...